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25 fastest-growing cities in the world
The move to urban living is lifting the incomes of millions of people around the world. In cities, one billion people will enter the global "consuming class" by 2025, with incomes high enough to become significant consumers of goods and services.
Let's take a look at three Indian cities that are growing fastest and 25 fastest-growing cities in the world, according to a study by McKinsey Global Institute.
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25 fastest-growing cities in the world
New Delhi
Global rank: 39
New Delhi is known as the microcosm of India and is one of the world's top global cities The metropolis of Delhi is the second-most populous in India, with a total population nearing 17 million residents, and the 10th most populous city in the world by city proper.
New Delhi is the most expensive city in India for expatriates in terms of cost of living, figuring 113th in the list of 214 cities.
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25 fastest-growing cities in the world
Mumbai
Global rank: 53
Mumbai is the commercial and entertainment capital of India, it is also one of the world's top 10 centres of commerce in terms of global financial flow, generating five per cent of India's GDP, and accounting for 25 per cent of industrial output, 70 per cent of maritime trade in India, and 70 per cent of capital transactions to India's economy.
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25 fastest-growing cities in the world
Bangalore
Global rank: 75
As a large and growing metropolis, Bangalore is home to many well-recognised colleges and research institutions in India. Numerous public sector heavy industries, software companies, aerospace, telecommunications and defence organisations are located in the city.
Bangalore is known as the Silicon Valley of India because of its position as the nation's leading IT exporter.
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25 fastest-growing cities in the world
Shanghai
Global rank: 1
The move to urban living is lifting the incomes of millions of people around the world. In cities, one billion people will enter the global "consuming class" by 2025, with incomes high enough to become significant consumers of goods and services.
Around 600 million of them will live in only around 440 cities in emerging markets that are expected to generate close to half of global GDP growth between 2010 and 2025.
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25 fastest-growing cities in the world
Beijing
Global rank: 2
The incomes of these new consuming classes are rising even faster than the number of individuals in the consuming classes. This means that many products and services are hitting take-off points at which their consumption rises swiftly and steeply.
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25 fastest-growing cities in the world
Tianjin
Global rank: 3
By 2025, urban consumers are likely to inject around $20 trillion a year in additional spending into the world economy. Catering to the burgeoning urban consumer classes will also require a boom in the construction of buildings and infrastructure.
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25 fastest-growing cities in the world
Sao Paulo
Global rank: 4
MGI estimates that cities will need annual physical capital investment to more than double from nearly $10 trillion today to more than $20 trillion by 2025, the lion's share of which will be in the emerging world.
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25 fastest-growing cities in the world
Guangzhou
Global rank: 5
This huge sum of consumption and investment could inject more than $30 trillion of annual spending into the world economy by 2025 - a powerful and welcome boost to global economic growth.
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25 fastest-growing cities in the world
Shenzhen
Global rank: 6
But there will be challenges, too. Rapidly urbanising emerging economies and their increasingly wealthy consumers are already driving strong demand for the world's natural and capital resources.
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25 fastest-growing cities in the world
New York
Global rank: 7
Cities can be part of the solution to such stresses, as concentrated population centers can be more productive in their resource use than areas that are more sparsely populated.
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25 fastest-growing cities in the world
Chongqing
Global rank: 8
But if cities fail to invest in a way that keeps abreast of the rising needs of their growing populations, they may lock in inefficient, costly practices that will become constraints to sustained growth later on.
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25 fastest-growing cities in the world
Moscow
Global rank: 9
How countries and cities meet this rising urban demand therefore matters a great deal. Beyond the direct impact of the investment, their choices will have broad effects on global demand for resources, capital investment, and labor market outcomes.
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25 fastest-growing cities in the world
Tokyo
Global rank: 10
How companies and governments react to this tectonic shift will fundamentally shape their future prospects.
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25 fastest-growing cities in the world
Wuhan
Global rank: 11
The MGI Cityscope is a database of more than 2,600 cities around the world that allows us to understand the evolving shape of global urban economies; extract many different city rankings and groupings by region, variable, and target market; test the growth momentum from doing business in particular geographies; and develop projections of growth in urban markets of a range of products and services.
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25 fastest-growing cities in the world
Los Angeles
Global rank: 12
Until 1500, Asia was the centre of gravity of the world economy, accounting for roughly two-thirds of global GDP. But in the 18th and 19th centuries, urbanisation and industrialisation vaulted Europe and the United States to prominence.
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25 fastest-growing cities in the world
Foshan
Global rank: 13
China's economic transformation resulting from urbanisation and industrialisation is happening at 100 times the scale of the first country in the world to urbanise - the United Kingdom - and at 10 times the speed.
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25 fastest-growing cities in the world
Istanbul
Global rank: 14
The recession that has hit the United States and Western Europe particularly hard has accelerated the shift in the global economic balance. From 2007 to 2010, the GDP of large Chinese cities rose from 20 per cent of that of large cities in the United States to 37 per cent.
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25 fastest-growing cities in the world
Nanjing
Global rank: 15
In these three years alone, three more Chinese cities reached megacity status with populations of 10 million or more - one new megacity a year. Contrast that with the developed world, whose urban landscape is far more mature.
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25 fastest-growing cities in the world
Chengdu
Global rank: 16
Between now and 2025, Chicago is the only city in the developed world expected to pass the 10 million population mark.
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25 fastest-growing cities in the world
Hangzhou
Global rank: 17
But the speed at which the global balance is changing is not simply a China and Asia story. In 2007, the GDP of Latin America's cities was 26 per cent that of their European counterparts; by 2010, that figure had risen to 37 per cent.
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25 fastest-growing cities in the world
Dongguan
Global rank: 18
Urban growth is highly concentrated in just a few hundred cities and will continue to be. The analysis suggests that just the top 600 cities by their contribution to global GDP growth to 2025 - a group MGI calls the City 600 - will generate nearly 65 per cent of world economic growth in this period.
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25 fastest-growing cities in the world
Singapore
Global rank: 19
Today, the City 600 is home to just over 20 per cent of the world's population but accounts for nearly $34 trillion, or more than half, of global GDP.
Between 2010 and 2025, we expect the City 600's combined GDP to nearly double to $65 trillion.
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25 fastest-growing cities in the world
London
Global rank: 20
But the most dramatic chapter of today's urbanisation story is the role played by the so-called Emerging 440. These emerging market cities in the City 600 will account for close to half (47 per cent) of expected global GDP growth between 2010 and 2025.
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25 fastest-growing cities in the world
Houston
Global rank: 21
The Emerging 440 boasts 20 megacities, including Shanghai in China, Sao Paulo in Brazil, Istanbul in Turkey and Lagos in Nigeria.
Together these megacities will generate an estimated $5.8 trillion of GDP growth by 2025, a compound annual growth of 7.6 per cent - almost double the growth rate expected for the global economy as a whole.
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25 fastest-growing cities in the world
Dallas
Global rank: 22
But more than 400 cities of the group are middleweight cities with populations of between 200,000 and 10 million, spread out across 57 countries and every continent except for Oceania.
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25 fastest-growing cities in the world
Xian
Global rank: 23
We expect these middleweights to grow even faster at an eight per cent annual compound rate, contributing $17.7 trillion in GDP growth by 2025.
In the Emerging 440, China is an important part of the equation with 242 cities in this group, of which 236 are middleweights.
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25 fastest-growing cities in the world
Washington
Global rank: 24
Latin America has 57 cities in this dynamic group, 53 of them middleweights including Belo Horizonte in Brazil and Cali in Colombia. South Asia, including India, has 36 cities in this group.
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25 fastest-growing cities in the world
Paris
Global rank: 25
There are 28 Indian middleweight cities in the Emerging 440, including Bangalore, Pune, and Kochi. Africa and the Middle East together contribute 39 cities to the group, and 37 of them are middleweights, including Angola's capital Luanda, Kumasi in Ghana, Port Harcourt in Nigeria and Doha in Qatar.